McCartney,Harris,and Hussin Are Dissolving Their Partnership B) C) D) E)

Multiple Choice

McCartney,Harris,and Hussin are dissolving their partnership.Their partnership agreement allocates each partner 1/3 of all income and losses.The current period's ending capital account balances are McCartney,$13,000; Harris,$13,000; and Hussin,$(2,000) .After all assets are sold and liabilities are paid,there is $24,000 in cash to be distributed.Hussin is unable to pay the deficiency.The journal entry to record the distribution should be:

A) $$\begin{array} { | l | c | c | } \hline \text {McCartney, Capital} \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots & 8,000 & \\\hline \text {Harris, Capital } \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots & 8,000 & \\\hline \text {Hussin, Capital } \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots & 8,000 \\\hline \text { \quad Cash } \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots & & 24,000 \\\hline\end{array}$$
B) $$\begin{array} { | l | c | c | } \hline \text {McCartney, Capital} \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots & 12,000 & \\\hline \text {Harris, Capital } \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots & 12,000 & \\\hline \text { \quad Cash } \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots & & 24,000 \\\hline\end{array}$$
C) $$\begin{array} { | l | c | c | } \hline \text {McCartney, Capital} \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots & 13,000 & \\\hline \text {Harris, Capital } \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots & 13,000 & \\\hline \text {\quad Hussin, Capital } \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots && 2,000 \\\hline \text { \quad Cash } \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots & & 24,000 \\\hline\end{array}$$
D) $$\begin{array} { | l | c | c | } \hline \text {Cash } \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots & 24,000 \\\hline \text {Hussin, Capital } \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots & 2,000 \\\hline \text {\quad McCartney, Capital} \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots && 13,000 \\\hline \text {\quad Harris, Capital } \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots && 13,000 \\\hline\end{array}$$
E) $$\begin{array} { | l | c | c | } \hline \text {Cash } \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots & 24,000 \\\hline \text {\quad McCartney, Capital} \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots && 8,000 \\\hline \text {\quad Harris, Capital } \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots && 8,000 \\\hline \text {\quad Hussin, Capital } \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots & & 8,000 \\\hline\end{array}$$